The Manufacturers Life Insurance Company reduced its NIKE, Inc. (NYSE:NKE) holdings by 1.4% in the fourth quarter, according to its latest SEC filing. The fund held 727,195 shares valued at $55,026,000 at the end of the reporting period, after selling 10,641 shares.
Other hedge funds also adjusted their NIKE positions during the quarter. Caitlin John LLC increased its stake by 117.0%, while Heck Capital Advisors LLC and Hopwood Financial Services Inc. established new positions valued at $28,000 and $30,000, respectively. LFA Lugano Financial Advisors SA boosted its holdings by 110.5%.
Institutional investors collectively own 64.25% of NIKE’s stock. The company’s shares opened at $56.46 on Thursday, with a market capitalization of $83.51 billion. NIKE’s debt-to-equity ratio stands at 0.57, with a quick ratio of 1.51 and a current ratio of 2.22.
Recent analyst ratings have been mixed, with Jefferies Financial Group upgrading NIKE to ‘buy’ and JPMorgan Chase & Co. downgrading it to ‘neutral’. The average analyst target price is $81.15, with a ‘Moderate Buy’ consensus rating.
